David M. Polen - Polen Capital Management 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Polen Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 12, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2025, the filing reported:

New Buys - SPDR Bloomberg 1-3 Month T-Bill, Comfort Systems USA, Inc., iShares Russell 2000 Growth ETF, Manhattan Associates, Inc., Saia, Inc., and 2 more

Increases - AAON, Inc., iShares MSCI ACWI ETF, Applied Industrial Technologies, AMN Healthcare Services Inc, Aon Plc, and 28 more

Reductions - Apple Inc., Airbnb, Inc., Abbott Laboratories, Accenture plc, iShares MSCI ACWI ex U.S. ETF, and 70 more

Complete Exits - Align Technology, Inc., Alarm.com Holdings, Inc., Booz Allen Hamilton Holding Cor, Charles River Laboratories Inte, Etsy, Inc., and 9 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	AAON AAON, Inc.	AAON, Inc.	Buy	+17,909	+56.8%	$3.86M	49,466
Q1 2025	AAPL Apple Inc.	Apple Inc.	Sell	-3,488,399	-56.5%	$595.56M	2,681,114
Q1 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-490,310	-6.0%	$923.02M	7,726,604
Q1 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-1,302,786	-10.3%	$1.51B	11,385,577
Q1 2025	ACN Accenture plc	Accenture plc	Sell	-318,132	-9.0%	$1.00B	3,208,478
Q1 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+66,994	+21.1%	$44.79M	384,795
Q1 2025	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-321,503	-84.5%	$3.26M	58,768
Q1 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-196,949	-6.5%	$1.08B	2,818,625
Q1 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-13,223	-7.4%	$50.88M	166,526
Q1 2025	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-2,719	-52.6%	$642.79K	2,455
Q1 2025	AIT Applied Industrial Technologies	Applied Industrial Technologies	Buy	+2,604	+14.0%	$4.77M	21,160
Q1 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell - Position Exit	-4,504	-100.0%	$0.00	-
Q1 2025	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell - Position Exit	-21,461	-100.0%	$0.00	-
Q1 2025	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Buy	+422	+1.1%	$943.28K	38,564
Q1 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,799,217	-9.2%	$3.38B	17,747,395
Q1 2025	AON Aon Plc	Aon Plc	Buy	+2,288,397	+318.1%	$1.20B	3,007,719
Q1 2025	ASML ASML	ASML	Sell	-9,464	-15.2%	$34.91M	52,677
Q1 2025	BAH Booz Allen Hamilton Holding Cor	Booz Allen Hamilton Holding Cor	Sell - Position Exit	-8,900	-100.0%	$0.00	-
Q1 2025	BDC Belden Inc	Belden Inc	Buy	+6,483	+26.8%	$3.07M	30,665
Q1 2025	BIL SPDR Bloomberg 1-3 Month T-Bill	SPDR Bloomberg 1-3 Month T-Bill	Buy - Position Entry	+5,242	-	$480.85K	5,242
Q1 2025	BL BlackLine, Inc.	BlackLine, Inc.	Sell	-7,692	-12.3%	$2.67M	55,099
Q1 2025	BLD TopBuild Corp.	TopBuild Corp.	Sell	-289	-5.5%	$1.50M	4,931
Q1 2025	BROS Dutch Bros Inc.	Dutch Bros Inc.	Sell	-36,899	-35.1%	$4.21M	68,124
Q1 2025	BSY Bentley Systems, Incorporated	Bentley Systems, Incorporated	Sell	-1,943	-9.1%	$765.71K	19,464
Q1 2025	BWMN Bowman Consulting Group Ltd.	Bowman Consulting Group Ltd.	Sell	-3,551	-9.1%	$773.15K	35,417
Q1 2025	CATH Global X S&P 500 Catholic Value	Global X S&P 500 Catholic Value	Buy	+5,692	+12.0%	$3.60M	53,317
Q1 2025	CCCS CCC Intelligent Solutions Holdi	CCC Intelligent Solutions Holdi	Sell	-217,651	-28.6%	$4.92M	544,653
Q1 2025	CIGI Colliers International Group In	Colliers International Group In	Sell	-293	-3.6%	$962.27K	7,933
Q1 2025	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-10,784	-7.9%	$6.04M	124,953
Q1 2025	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell - Position Exit	-4,248	-100.0%	$0.00	-

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